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Task 3: Investment Appraisal The cost of the new machinery, payable immediately, is 1,920,000 and the machine has an expected life of five years. At the end of five years, the machine will be sold for scrap, with the scrap value expected to be 5% of the initial purchase price cost of the machine. The machine will not be replaced. Production and sales from the new machine are expected to be 100,000 candles per year. Each unit can be sold for 38 per unit and will incur variable costs of 26 per unit. Incremental fixed costs arising from the operation of the machine will be 384,000 per year. LS Luxury Candles Ltd has a cost of capital of 11% which it uses as a discount rate in investment appraisal. Their required internal rate of return from any project is 20% Tax, capital allowances and inflation should be ignored. You are required to: a) Calculate the payback period for this project (5marks) b) Calculate the net present value of investing in the new machine and advise whether the investment is financially acceptable (workings to the nearest 000). (17 marks) c) The internal rate of return for this project is 25%. Based on this, and your calculations above, what advice would you recommend LS Luxury Candles Ltd with regard to fully automating the manufacturing process, critically evaluating the advantages and disadvantages of the payback period, accounting rate of return and Net Present value as investment appraisal methods, while taking into consideration the effects of time value of money on each method